Home Buying in West Hills>Question Details

Buyer, Home Buyer in West Hills, CA

REO counter offer terms - changed

Asked by Buyer, West Hills, CA Wed Nov 11, 2009

We have accepted an REO counter offer by the bank (yes we signed it and all). Now the bank sent us the addendum to sign but we have noticed they havechanged the date of the inspection instead of being 14 days to being 10 days. The counter offer indicated 14 days and we did not agree to any change of that date. They are now palying hard ball saying that is what they want now. Is tihs legal?

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Monique & Joe Carrabba’s answer
Hello Buyer,

If it said in the contract that you needed to sign the banks addendum then you probably should have reviewed it prior to agreeing to sign it. It was probably required at some point. Bank Addendum's are tricky. They are always slipping things into them. If the inspection period is the only issue then I would just agree to getting it done in 10 days. If the clock hasn't already started ticking. It's funny. Banks that have REOs are usually impatient with the buyers when it comes to wanting everything when they want it but then when it becomes time to get anything done with them, they are a pain in the you know what and slow as can be.

Good luck and congrats on your purchase!

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
(323) 899-2900
1 vote Thank Flag Link Wed Nov 11, 2009
If you have a legitimate reason to need 14 days it is possible bank may approve an extension. The banks primary concern is that this is a solid escrow that will close in a timely manner. They put in short deadlines to test the strength of the escrow. If you're solid they will work with you because their top priority is closing the deal. I agree with others that I do inspections asap too. If repairs are needed and might be a dealbreaker you want to know right away.
0 votes Thank Flag Link Thu Aug 19, 2010

Monique is right. You never know what a bank is going to put in their Addendum and you should make sure you know that before you agree to sign it.

On the other hand, is having an inspection in 10 days a problem? As soon as my clients get an accepted offer I am on the phone with the home inspector setting up the appointment ASAP.

Hope this works out for you!

Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Wed Nov 11, 2009
Monique is right on the money about bank timelines. You're somewhat at the mercy of the bank if you actually want to close on the purchase. It's more a question practicality.

If you're looking to back out of the contract, you may have that ability if anything changes from the bank's end on the contract. If you still want to buy the home, though, you usually just grin and bear it. Not all banks work this way, but most do.

Good luck.
Web Reference: http://SeattleHome.com
0 votes Thank Flag Link Wed Nov 11, 2009
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